This may be long-winded so here goes:
Family of 5
Past 6 months Actual Gross Wages $52597 or $8766 monthly.
Arizona Means Allowed Income Test $38176 or $6363 monthly.
Total Means Test Deduction Allowed $8832
Monthly Disposable $-66.
1st Home $228k balance on 2005 home worth $100k. $1656 per month 20 years left.
2nd Home $43k balance on 2002 Mobile Home worth $30k. $630 per month 13 years left.
2005 Honda Accord 24 payments left at $479. (Wifes car)
2001 Ford Focus Salvaged Title. (No KBB for Salvaged Vehicles)(Son for uses for college)(Paid For)
1999 Chevy Z-71 200K miles worth maybe $5k. (Paid for)(My Work vehicle)
About $75k in credit card debt. Was current until this past month but with maxed out balances and rate increases I cannot keep up anymore. No big ticket items purchased in past 2 years.
We were a 2 income family that averaged $120k - $130k the past 2 years. Should finish the year around $125k. This year my wife resigned her job in July to return to school fulltime and I have had a drastic reduction in hours worked. Usually a buttload of OT but that is gone since June. I also contract myself out on weekends and that income is included in the above calculations.
I failed the Income test but passed the Means test. I didn't fudge any of the numbers and only included the Honda Accord, leaving out both homes since they are both upside down.
I have tried like hell to keep up but I am now sinking slowly. My son now 19 had a heart transplant back in 2006. That didnt cripple me financially as I have damn good insurance but it started a downward slide where we started to use credit cards for daily living expenses including food, utilities, medicine and so on. A huge no=no but can't change it now.
I do have Hyatt Legal Plan so hiring an attorney and filing for bankruptcy will not cost me anything directly except for filing fees.
With the numbers I posted above does it seem possible to actually be able to file for a Ch7 withut raising the eyes of the Bankruptcy Trustee ?? I ran all the numbers the best and as accurate as I could.
I have always kept up on all my payments a few lates here and there but no 30 day lates until next month.
If I wait until Feb/Mar 2010 to file my income will be a bit lower.
We will also get a 2009 Fed Tax Return of around $5000 - $8000. If we get the return back before we actually file a Ch7 are we allowed to use it for things like:
Braces for Son $2500
Exhaust Repairs on Truck $900
Root Canal and Crown for Dad $650
6 months vehicle insurance $1000
Other Basic Living Expenses $2000
Also if I include both homes in BK will we still be able to stay in our house in AZ as long as we keep making the payments regardless of the debt being discharged ?? Should we reaffirm or try a ride thru on the Honda Accord ? I hate to say it but my wife and son go to colleges in different cities and I also work so we really need to keep all 3 current vehicles if thats even possible. If not I will be forced to ask my wife or son to quit college.
I apologize for the long-winded post airing my dirty laundry but figure at this point we have nothing to lose and everything to gain. I am just trying to gather as much info as possible and to not make any mistakes or assumptions that would cause us any trouble when we finally do file Ch7. (If attorney says its even possible)
Any and all help/comments would be greatly appreciated.
Regards;
Meatstick
Family of 5
Past 6 months Actual Gross Wages $52597 or $8766 monthly.
Arizona Means Allowed Income Test $38176 or $6363 monthly.
Total Means Test Deduction Allowed $8832
Monthly Disposable $-66.
1st Home $228k balance on 2005 home worth $100k. $1656 per month 20 years left.
2nd Home $43k balance on 2002 Mobile Home worth $30k. $630 per month 13 years left.
2005 Honda Accord 24 payments left at $479. (Wifes car)
2001 Ford Focus Salvaged Title. (No KBB for Salvaged Vehicles)(Son for uses for college)(Paid For)
1999 Chevy Z-71 200K miles worth maybe $5k. (Paid for)(My Work vehicle)
About $75k in credit card debt. Was current until this past month but with maxed out balances and rate increases I cannot keep up anymore. No big ticket items purchased in past 2 years.
We were a 2 income family that averaged $120k - $130k the past 2 years. Should finish the year around $125k. This year my wife resigned her job in July to return to school fulltime and I have had a drastic reduction in hours worked. Usually a buttload of OT but that is gone since June. I also contract myself out on weekends and that income is included in the above calculations.
I failed the Income test but passed the Means test. I didn't fudge any of the numbers and only included the Honda Accord, leaving out both homes since they are both upside down.
I have tried like hell to keep up but I am now sinking slowly. My son now 19 had a heart transplant back in 2006. That didnt cripple me financially as I have damn good insurance but it started a downward slide where we started to use credit cards for daily living expenses including food, utilities, medicine and so on. A huge no=no but can't change it now.
I do have Hyatt Legal Plan so hiring an attorney and filing for bankruptcy will not cost me anything directly except for filing fees.
With the numbers I posted above does it seem possible to actually be able to file for a Ch7 withut raising the eyes of the Bankruptcy Trustee ?? I ran all the numbers the best and as accurate as I could.
I have always kept up on all my payments a few lates here and there but no 30 day lates until next month.
If I wait until Feb/Mar 2010 to file my income will be a bit lower.
We will also get a 2009 Fed Tax Return of around $5000 - $8000. If we get the return back before we actually file a Ch7 are we allowed to use it for things like:
Braces for Son $2500
Exhaust Repairs on Truck $900
Root Canal and Crown for Dad $650
6 months vehicle insurance $1000
Other Basic Living Expenses $2000
Also if I include both homes in BK will we still be able to stay in our house in AZ as long as we keep making the payments regardless of the debt being discharged ?? Should we reaffirm or try a ride thru on the Honda Accord ? I hate to say it but my wife and son go to colleges in different cities and I also work so we really need to keep all 3 current vehicles if thats even possible. If not I will be forced to ask my wife or son to quit college.
I apologize for the long-winded post airing my dirty laundry but figure at this point we have nothing to lose and everything to gain. I am just trying to gather as much info as possible and to not make any mistakes or assumptions that would cause us any trouble when we finally do file Ch7. (If attorney says its even possible)
Any and all help/comments would be greatly appreciated.
Regards;
Meatstick